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JPMorgan Tells Fintechs They Have To Pay Up For Customer Data

2 months ago
An anonymous reader quotes a report from Bloomberg: JPMorgan Chase has told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers' bank account information -- a move that threatens to upend the industry's business models. The largest US bank has sent pricing sheets to data aggregators -- which connect banks and fintechs -- outlining the new charges, according to people familiar with the matter. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies, the people said, asking not to be identified discussing private information. A representative for JPMorgan said the bank has invested significant resources to create a secure system that protects consumer data. "We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe," the spokesperson said in a statement. The fees -- expected to take effect later this year depending on the fate of a Biden-era regulation -- aren't final and could be negotiated. [The open-banking measure, finalized in October, enables consumers to demand, download and transfer their highly-coveted data to another lender or financial services provider for free.] The charges would drastically reshape the business for fintech firms, which fundamentally rely on their access to customers' bank accounts. Payment platforms like PayPal's Venmo, cryptocurrency wallets such as Coinbase and retail-trading brokerages like Robinhood all use this data so customers can send, receive and trade money. Typically, the firms have been able to get it for free. Many fintechs access data using aggregators such as Plaid and MX, which provide the plumbing between fintechs and banks. The new fees -- which vary from firm to firm -- could be passed from the aggregators to the fintechs and, ultimately, consumers. The aggregator firms have been in discussions with JPMorgan about the charges, and those talks are constructive and ongoing, another person familiar with the matter said.

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OpenAI's Windsurf Deal Is Off, Windsurf's CEO Is Going To Google

2 months ago
OpenAI's planned acquisition of Windsurf has fallen apart. Instead, Google is hiring Windsurf CEO Varun Mohan, cofounder Douglas Chen, and parts of its R&D team to join DeepMind and focus on agentic coding for Gemini. Google will not acquire Windsurf but will receive a non-exclusive license to some of its technology, while Windsurf continues independently under new leadership. The Verge reports: Effective immediately, Jeff Wang, Windsurf's head of business, has become interim CEO, and Graham Moreno, its VP of global sales, will be Windsurf's new president. "Gemini is one of the best models available and we've been investing in its advanced capabilities for developers," Chris Pappas, a spokesperson for Google, told The Verge in a statement. "We're excited to welcome some top AI coding talent from Windsurf's team to Google DeepMind to advance our work in agentic coding." "We are excited to be joining Google DeepMind along with some of the Windsurf team," Mohan and Chen said in a statement. "We are proud of what Windsurf has built over the last four years and are excited to see it move forward with their world class team and kick-start the next phase." Google didn't share how much it was paying to bring on the team. OpenAI was previously reported to be buying Windsurf for $3 billion.

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BYD Pledges to Cover Damages from Self-Parking Car Crashes

2 months ago
BYD has unveiled fully autonomous Level 4 self-parking across its vehicle lineup, powered by its advanced multi-sensor "God's Eye" system that's used by more than 1 million cars across China. "The company is so confident in the technology that it announced that it will cover any damages to your car or any other vehicle if things go wrong," adds Fast Company. "This means if anything happens, the owner won't have to file a claim and have their premiums go up." From the report: BYD's confidence stems from a sophisticated sensor architecture. The God's Eye system deploys multiple sensing technologies working in concert, unlike Tesla's problematic camera-only approach. Even the entry-level God's Eye C variant -- one of three autonomous driving levels included in most affordable models -- includes 12 cameras, 5 millimeter-wave radars, and 12 ultrasonic sensors with 1-centimeter accuracy. The mid-tier God's Eye B adds a lidar sensor, while the premium God's Eye A variant features three lidar sensors for maximum precision. The system's parking accuracy allows the car to get within 0.8 inches of other objects, enabled by multiple redundant sensors that create a three-dimensional map. This allows the vehicle a deep understanding of its environment. This multi-sensor approach allows the system to detect obstacles. It can even recognize hanging objects over the roof line of the car. The company reports that more than 1 million vehicles now carry the God's Eye system, an impressive deployment scale that starts with the most inexpensive models, like the $9,550 BYD Seagull, and go all the way to the $236,000 BYD Yangwang U9, a hypercar that can detect potholes on the road and jump over them. Yes. If the God's Eye detects an obstacle on the road, it will literally jump over it.

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